video Business
Restructuring scandal-hit Vatican bank
Monday, July 14, 2014 - 02:08
The Vatican has announced major changes to its economic structures and appointing a new head in a bid to move on after years of scandal surrounding the Vatican bank. Joanna Partridge reports
▲ Hide Transcript
▶ View Transcript
Child abuse allegations have rocked the Catholic Church in recent years. And the Vatican bank - which handles church funds - is also being cleaned-up. The accounts of more than 2,000 clients have been blocked and 3,000 "customer relationships" ended. The clean-up has almost wiped out profit at the bank - officially known as the Institute for Works of Religion. In 2012 it made almost 87 million euros, last year the figure was less than 3 million. Australian Cardinal George Pell has been overseeing the Vatican's finances in recent months. (SOUNDBITE) English) AUSTRALIAN CARDINAL GEORGE PELL SAYING: "We are aiming at substantial transparency. There will be annual audited reports and these reports will be audited externally ... Our ambition is to become something of a model of financial management rather than a cause for occasional scandal." The bank has been hit by years of scandal, including allegations of money laundering and tax evasion. Pope Francis has recently been trying to stamp out the abuses. Tom Elliott from Devere Group says there's no chance it will collapse. SOUNDBITE: Tom Elliott, International Investment Strategist, Devere Group, saying (English): "The Vatican Bank will definitely survive because it's got the Catholic Church behind it but it's all part of a long term process of cleaning itself up after being basically allowed to engage in practices with loose internal controls that have long been frowned on outside of the Vatican Bank in broader banking circles." The restructuring cost 400 million euros. But the bank says it has now turned a corner and results for the first half of 2014 showed a net profit of more than 57 million euros. French businessman Jean-Baptiste de Franssu will be its new head. A separate department will be created to manage the Holy See's assets - leaving the bank to focus on its original aim of payment services for religious orders, Vatican employees and charities.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code
Restructuring scandal-hit Vatican bank
Monday, July 14, 2014 - 02:08
Top News »
7:39pm BST - (0:40)
7:30pm BST - (1:21)
6:28pm BST - (1:32)
11:32am BST - (3:12)
10:00am BST - (2:16)
6:35am BST - (1:59)
Tue, 25 Jun, 2019 - (2:34)
Tue, 25 Jun, 2019 - (0:44)
Tue, 25 Jun, 2019 - (2:08)
Tue, 25 Jun, 2019 - (1:00)
Tue, 25 Jun, 2019 - (2:22)
Tue, 25 Jun, 2019 - (0:48)
Editors' Picks »
2:57pm BST - (1:25)
2:57pm BST - (2:21)
10:38am BST - (1:31)
Tue, 25 Jun, 2019 - (2:15)
Mon, 24 Jun, 2019 - (1:56)
Mon, 24 Jun, 2019 - (2:44)
Mon, 24 Jun, 2019 - (1:35)
Mon, 24 Jun, 2019 - (1:32)
Mon, 24 Jun, 2019 - (1:13)
Featured Videos
Scientists reveal underground fungi network
The first global map of the underground network of tree fungi, dubbed the 'wood wide web', could help us in the fight against climate change
Naomi Campbell on diversity in fashion
Naomi Campbell, one of fashion's most recognizable faces, tells Reuters how racial diversity in fashion has improved in recent years, but the industry must not treat it like a catwalk trend
Designing a perfect-fit prosthetic
Researchers from the University of Bath are developing a system that ensures amputees always have the best fitting prosthetics even if their limb changes shape. One patient says it fits like a slipper
When the winemaker wore a wet suit - Spain's $100 subsea tipple
For many discerning drinkers, the walk down stone steps into a cool, dark cellar is an essential part of visiting a winery, but an inspection with one Spanish winemaker is more likely to involve an oxygen tank and flippers
Freddie Mercury returns in new release of song "Time"
A stripped-back version of Freddie Mercury performing the song ''Time'' is released), emerging after a long search for the recording made in 1986 at Abbey Road Studios
Technology »
5:41pm BST - (1:16)
5:41pm BST - (1:30)
5:40pm BST - (1:58)
Tue, 25 Jun, 2019 - (1:18)
Tue, 25 Jun, 2019 - (1:31)
Wed, 19 Jun, 2019 - (1:32)
Wed, 19 Jun, 2019 - (2:25)
Tue, 18 Jun, 2019 - (2:07)
Tue, 18 Jun, 2019 - (1:13)
Tue, 18 Jun, 2019 - (1:55)
Entertainment »
7:13am BST - (1:59)
Tue, 25 Jun, 2019 - (1:37)
Tue, 25 Jun, 2019 - (1:52)
Mon, 24 Jun, 2019 - (1:47)
Mon, 24 Jun, 2019 - (1:01)
Mon, 24 Jun, 2019 - (1:06)
Mon, 24 Jun, 2019 - (0:58)
Fri, 21 Jun, 2019 - (1:28)
Sports And Leisure »
5:40pm BST - (0:57)
10:51am BST - (0:32)
10:50am BST - (1:31)
Tue, 25 Jun, 2019 - (1:27)
Tue, 25 Jun, 2019 - (1:31)
Mon, 24 Jun, 2019 - (1:09)
Mon, 24 Jun, 2019 - (1:30)
Mon, 24 Jun, 2019 - (1:55)
Mon, 24 Jun, 2019 - (1:46)
Mon, 24 Jun, 2019 - (1:04)
Oddly Enough »
Tue, 25 Jun, 2019 - (1:15)
Tue, 25 Jun, 2019 - (0:56)
Fri, 21 Jun, 2019 - (1:38)
Fri, 21 Jun, 2019 - (2:03)
Fri, 21 Jun, 2019 - (0:54)
Thu, 20 Jun, 2019 - (1:16)
Thu, 20 Jun, 2019 - (2:12)
Thu, 20 Jun, 2019 - (0:37)
Thu, 20 Jun, 2019 - (1:43)